Urstadt Biddle: Fiscal 3Q Earnings Snapshot
GREENWICH, Conn. (AP) _ Urstadt Biddle Properties Inc. (UBA) on Friday reported a key measure of profitability in its fiscal third quarter. The results exceeded Wall Street expectations.
The Greenwich, Connecticut-based real estate investment trust said it had funds from operations of $13.4 million, or 35 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 33 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $5.6 million, or 15 cents per share.